Research On The Asset Securitization Based On E-commerce Enterprises In China

With the advent of economic globalization and the Internet Plus era,the e-commerce enterprises have become more and more vital to economic development in China.However,financing difficulties are becoming a major obstacle to the development of e-commerce companies for their light assets characteristic.In order to address this problem,many e-commerce enterprises embarked on the path of asset securitization.In 2013,Alibaba released the asset securitization products,which named Topix Asset management(NO.1 to 10 Special Asset Management Plan of Alibaba),which established a precedent for China's e-commerce enterprise asset securitization business.Jingdong Century Trading issued Jingdong Finance(Huaxin Jingdong IOUS Special Asset Management Plan)in 2015,which filled the gaps in the market of personal consumption lending.Asset securitization is beneficial to the re-integration of the underlying assets,which could decrease the comprehensive financing cost.Also,it can revive sunken assets to promote the turnover of current assets and the adjustment of assets-liabilities structure.This path has received more and more favor among the e-commerce enterprises.In this thesis,the asset securitization of e-commerce enterprises is studied.Firstly,we clarified some key issues about the asset securitization of e-commerce companies based on the review of the literature,including the necessity,running process,fundamental elements,risks hidden in the release of asset securitization and the financial results and market reaction of the asset securitization.This laid a solid foundation for the following case study.Secondly,we made a specific and detailed comparative analysis of the asset securitization of Alibaba and Jingdong Century Trading.In this case,we studied the various sectors and elements of the asset securitization of these two companies,and specifically analyzed the unique risks and its corresponding preventions.Moreover,we adopted the methods of financial indicators and practice research to evaluate the financing effect of asset securitization generally and systematically,which provides future reference and practical experience for e-commerce companies to implement the asset securitization better;Finally,the article will puts forward relevant suggestions on e-commerce enterprises and government throughtwo main aspects,e-commerce enterprises diversifies forms of credit,enhanceand improve data technology,control the enterprise into the pool of assets risk strictly;the government should do a good job of legislation and supervision,establish and improve the credit rating system,make the risk isolation.